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Potts Point in Sydney has achieved Australia’s record apartment price with a $20 million penthouse sale.

An undisclosed “prominent Sydney businessman” bought the apartment off-the-plan after Sydney City Council approved the development on Monday.

The two-level penthouse, with views across Woolloomooloo Bay towards the central business district, Sydney Harbour and the Opera House, will have 530 square metres of internal space and 115 square metres of balcony.

The Wylde Street sale trumps an $18.2 million off-the-plan penthouse sale in East Melbourne and the $16.8 million Sydney record sale in Macquarie Street’s Bennelong block earlier this year.

The Ashington Group, chaired by mortgage broker Mark Bouris, bought the development site for $15.5 million last year, indicating it viewed Potts Point as one of the true urban villages of Sydney.

“The sale was a sign that buyers will act quickly for distinctive apartment product,” Ashington’s director, Craig Minahan, said yesterday.

The design by architects Tzannes Associates echoes the curved glazing and copper roofing in the neighbouring 1930s heritage-listed Wyldefel Gardens residential complex.

The nine apartments included in the development with the penthouse will have interiors by fashion designer Alex Perry.

Interestingly, the Australian newspaper incorrectly quoted the apartment as being in Point Piper, not Potts Point.

expensive_house.jpgUp until last month the most expensive apartment in the world – One Hyde Park penthouse was estimated at £100 million.

But now it’s time to place the crown on an apartment in St James’s Square, London which is equidistant from 10 Downing Street and Buckingham Palace. With a price understood to exceed £115 million ($A200 million+) it is believed to be the most expensive apartment in the world.

Very little has been divulged thus far, with only the most basic building proposals have so far been submitted. There will be large solar panels on the roof, a car lift to take vehicles to the basement parking and cycle racks, to comply with regulations.

A source close to the deal for the flat at 8 St James’s Square stated that “The price has been agreed. It is between £115m and £120m.” The identity of the purchaser has not been disclosed.

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